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Fintech Nexus Staff
JoinedMay. 30, 2017
Articles5,323
Comments63
This piece was created by one of our content team members. Reach us at [email protected]
EuropeFintechNews Roundup
·Aug. 17, 2017

Savings Marketplace Raisin Reaches EUR4bn Milestone

German-based savings marketplace Raisin has received over EUR4 billion (USD $4.7 bn) in investments on its platform in less than four years; founded in 2013 it was the first investment marketplace of its kind in Europe and now has two times the total investment assets of its closest competitor; partnering with 34 banks across 17 European countries it helps customers find the highest retail deposit market rates. Source

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EuropeNews RoundupOnline Lending
·Aug. 17, 2017

MarketInvoice Partners with Veritas

Veritas is a specialist in commercial credit management services; through the partnership, MarketInvoice will be available to customers using the firm's VeritasVirtual platform; clients use this platform to monitor the status of outstanding payments and will now be able to obtain access to the MarketInvoice Pro credit line through the VeritasVirtual platform. Source

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EuropeNews RoundupOnline Lending
·Aug. 17, 2017

UK’s Financial Conduct Authority Looking at Mortgage Application Overhaul

Online mortgage broker Trussle is currently in the early stages of talks with the Financial Conduct Authority (FCA) to potentially overhaul the mortgage application process; the plan that Trussle is pitching to the FCA is to help standardize documents needed in a format that they are needed in; Mr. Mahli told FTAdviser: "There's an unnecessary inefficiency in the way mortgage applications are packaged and submitted, which varies wildly from lender to lender. Uncertainty is the last thing a buyer wants when making what's often the biggest financial decision of their life."; currently the FCA will not comment on talks that are in such a nascent stage. Source

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EuropeNews RoundupOnline Lending
·Aug. 17, 2017

UK P2P Lending Rate Comparison

P2P Finance News breaks down the projected returns of marketplace lending platforms in the UK; notes that business and property lending platforms offer the highest projected returns. Source

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Asia/PacNews RoundupOnline Lending
·Aug. 17, 2017

Fox Fintech Group Gets First Internet Micro-Credit License from Ningbo City Government

Fox Fintech, an affiliate of Sohu.com, was able to obtain the first micro-credit license by the Ningbo City Government in China; Alex Ho, Fox Fintech Group's founder and CEO, commented, "We are applying advanced technologies in big data, facial recognition, machine learning and self-developed algorithms to bring efficient, convenient and inclusive credit service to China."; the internet micro-credit license allows for Fox Fintech to lend across the country, traditional micro-credit licenses are limited to the city where they are approved. Source

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Asia/PacNews RoundupOnline Lending
·Aug. 17, 2017

China Rapid Finance Reports 2017 Q2 Financial Results

China Rapid Finance (CRF) reports Q2 EPS of $1.93; revenue for the quarter came in at $15.15 million versus the consensus estimate of $10.46 million; for the full year ending December 31, 2017, CRF expects to add between 2.5 to 3.0 million new borrowers, representing a year-over-year growth rate of 350% to 400%; CRF also expects total gross billings on transactions and service fees to be in the range of $110 to $120 million in 2017, as compared with $67.9 million in the prior year. Source

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FintechNews Roundup
·Aug. 17, 2017

Taking the High Road, There’s a Lot Less Traffic There by China Rapid Finance’s Zane Wang

Zane Wang shares the contrast of consumer finance in the US and China from 2000 to 2017; in 2000 China had no credit bureau, no decisioning engines but there was a vast market opportunity; this is the opportunity that China Rapid Finance has capitalized on; in recent years there have been many developments in China with more people covered by the credit bureaus and in consumer finance/credit cards; Wang shares the tremendous growth potential that still exists in the Chinese market and their focus on the emerging middle-class mobile active. Source

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Asia/PacFintechNews Roundup
·Aug. 17, 2017

Japanese Fintech Company MoneyForward IPO Expected in September

Tokyo-based fintech company MoneyForward could go public on the Tokyo Stock Exchange's Mothers market by September; its market cap is expected to be JPY10 to 20 billion ($90 to $180 million); founded in 2012, MoneyForward is a personal financial management app which includes accounting functions, payroll service, statement collection, expense reporting, financial projections and the ability to send an invoice; MoneyForward has over four million individual users in Japan. Source

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FintechNews RoundupUSA
·Aug. 16, 2017

Banks Hedging with Investments in Fintechs

An article from Bloomberg highlights bank investments in fintech companies; the article cites a report from Opimas noting that both Goldman Sachs and JP Morgan Chase are investing in companies that aim to disrupt banking; Goldman Sachs has invested in 15 fintech companies focusing on capital markets; JP Morgan Chase has invested in nine; the report states that banks and other companies will invest $1.7 billion in approximately 44 deals this year; this comes at a time when venture capitalists are shying away from the market. Source

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FintechNews RoundupUSA
·Aug. 16, 2017

Former PayPal COO Says Cryptocurrency Is Working to Achieve a Database of Money

In an interview with CNBC last week, former PayPal COO and serial entrepreneur David Sacks talks about how cryptocurrencies are fulfilling the original PayPal vision; he explains: "A payment is just a credit to one account and a debit to another. That's a database entry. We believed that, if we could get enough people to participate, money would never need to leave the system. PayPal could become the database of money."; he talks about blockchain technology helping to build web 3.0 and a new wave of innovation; the interview also touched on how the current environment shows some of the same signs of the dot com era, the two ways digital assets are a threat to traditional venture capital and some of the biggest challenges that lie ahead. Source

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